The price of the Nervos Network (CKB) rose more than 30%, currently trading at $ 0.026 after hitting a high of $ 0.029 earlier today. Let’s take a closer look at the Nervos Network and its native CKByte token and see what all the hype is about.
What is the Nervos network?
The Nerve Network is a platform for developers to build universal apps that work seamlessly across all channels.
The Nervos Network team sees current crypto applications similar to the first Internet applications that lived on separate networks. For example, to interact with different exchanges and exchange different tokens, users have to use a variety of different services (decentralized exchanges, wallets, etc.)
“The Nervos network [offers] a suite of integrated solutions that allow the developer to create universal applications.“
What is the CKByte Token (CKB)?
CKB is the native token of the Nervos network. It can be used to store value – similar to bitcoin – and can also be used to rent space on the Nervos Blockchain. According to their website:
“The CKByte is the token that powers the Nervos network. It’s not Bitcoin, and it’s not ETH – it’s more than that.
Why is the price of the Nervos network increasing?
Yesterday’s announcement regarding Godwoken is one potential reason for CKB’s recent price spike:
Godwoken, our EVM-enabled Layer 2 blockchain, is now available on the mainnet beta 🎉
More Info👉 https://t.co/kW1t2vai4R
– Nervos (@NervosNetwork) November 4, 2021
The team announced that Godworken – their EVM compatible layer – is now live! This means that Ethereum developers can now use EVM and port their existing codebases to CKB.
If developers want to take their app to the next level and be part of the next-gen DeFi ecosystem, Godwoken is the perfect solution. As a developer, you can currently request to be whitelisted on the platform. Once you have applied to the whitelist, you will receive instructions on the private support channel.
Where to buy CKB?
Most of the major exchanges like Binance, KuCoin, Huobi, Crypto.com and many more support CKB.
The token has been around since 2019 and the fact that it has managed to maintain its relevance and such a high market cap ($ 750 million +) is a testament to the strength of the Nervos Network team.
While CKB has had its fair share of ups and downs, it’s clear the project is garnering some serious bullish momentum. CKB has been on an upward trajectory since July of this year when it hit a low of $ 0.008.
The recent announcement and price gains will only bring more attention to this project. Personally, I wouldn’t be surprised if we saw CKB surpass $ 1 billion in market cap by the end of the month.
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